History of Stubby Holders

See Wikipedia for the full history, but here is a brief summary.

It began as a marketing tool. The primary use of a beer koozie/cooler is to keep one's hand warm while keeping the beer cold. They are a very good business card tool, as while someone might lose your business card, the idea of having a function to the stubby means people are inclined to keep them and use them, giving more life to your logo and business on the outside. (or to remember the big bucks night your mate had!)